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References (102)
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1. Financial Crisis Inquiry Commission, The Financial Crisis Inquiry Report: Final Report of the National Com…
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2. Michael Lewis, The Big Short: Inside the Doomsday Machine (New York: W. W. Norton, 2010), 73.
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3. Paul Krugman, The Return of Depression Economics and the Crisis of 2008 (New York: W. W. Norton, 2009), 155.
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4. Gretchen Morgenson and Joshua Rosner, Reckles$ Endangerment: How Outsized Ambition, Greed, and Corruption …
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5. Ed Finn, What Algorithms Want: Imagination in the Age of Computing (Cambridge, MA: MIT Press, 2017), 7. Wh…
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6. On issues of algorithmic inaccessibility, see Finn, What Algorithms Want, especially chaps. 1 and 3.
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7. I will develop the concept of the horizon of judgment in the body of the essay. In short, it refers to the…
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8. This copula first emerged in David X. Li, “On Default Correlation: A Copula Function Approach,” August 15,…
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9. For the original article on rhetoric and math, see Philip Davis and Reuben Hersh, “Rhetoric and Mathematic…
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10. It is important to note here that while I take up Latour’s ideas about mathematical discourse as a provoc…
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11. Neal Thomas, “Social Computing as a Platform for Memory,” Culture Machine (2013): 10.
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12. As Bernard Steigler states concisely: “something absolutely new happens when the conditions of memorizati…
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13. Frank Pasquale, The Black Box Society: The Secret Algorithms That Control Money and Information (Cambridg…
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14. Pasquale and many other scholars see in the rise of an algorithmic culture the simultaneous and correlate…
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15. For an excellent collection of relevant literature on these issues, see the Social Media Collective readi…
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16. Cathy O’Neil, cited in Tom Upchurch, “To Work for Society, Data Scientists Need a Hippocratic Oath with T…
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17. Pasquale, The Black Box Society, 4.
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18. See Mittelstadt et al., “The Ethics of Algorithms,” 12–14.
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19. Marc Lenglet espouses a widely shared view that “behind every algorithm lies a human,” and while I agree …
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20. For more on these rapidly transforming learning algorithms, see O’Neil, Weapons of Math Destruction; Neil…
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21. To clarify: plenty of research exists on the construction of algorithms from the technical fields of math…
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22. Lenglet, “Algorithms and the Manufacture of Financial Reality,” 319. Even in Finn’s book, which has many …
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23. Overemphasis on algorithmic implementation also tends to treat algorithms as finished products, thus rein…
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24. For contemporary research along these lines, see Reyes, “Stranger Relations.”
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25. Brian Rotman, Mathematics as Sign: Writing, Imagining, Counting (Stanford, CA: Stanford University Press,…
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26. A fuller explication of a constitutive approach to mathematical discourse can be found in Rotman’s work […
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27. See Reyes, “The Rhetoric in Mathematics”; and George Lakoff and Rafael Núñez, Where Mathematics Comes Fro…
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28. There are a few scholars that buck this trend, challenging the human-centric approach to algorithms (see …
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29. In short, the risk in focusing on the construction of algorithms is that we, as critical scholars, lose s…
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30. Plutarch, Marcellus’ Life, trans. Bernadotte Perrin (Cambridge, MA: Harvard University Press, 1967–1975),…
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31. Plutarch, Marcellus’ Life, xiv, 7–9.
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32. Plutarch, Marcellus’ Life, xiv, 7–9.
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33. Plutarch, Marcellus’ Life, xiv, 7–9.
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34. Bertrand Russell, “The Study of Mathematics,” New Quarterly 1 (1907): 30–42.
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35. For economy’s sake, I dare not go too far into the woods on this point. Suffice it to say that whole book…
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36. Martha Nussbaum shows how geometry emerged for thinkers like Parmenides and Plato as an alternative to do…
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37. Bruno Latour, We Have Never Been Modern (Cambridge, MA: Harvard University Press, 1993), 110.
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38. Latour, We Have Never Been Modern, 110.
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39. Barad, Meeting the Universe Halfway, 71–94.
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40. Latour’s position here is consistent with his broader philosophical rejection of modernist metaphysics, w…
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41. Latour, We Have Never Been Modern, 129.
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42. Latour, Science in Action, 244.
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43. European exploration of the East Pacific in the eighteenth century offers one last example to underscore …
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44. The question of what becomes of rhetoric through a Latourian approach would require a whole other essay t…
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45. Felix Salmon, “The Formula That Killed Wall Street,” Significance (February 2012): 16.
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46. Sam Jones, “The Formula That Felled Wall St,” Financial Times, April 24, 2009, https://www.ft.com/content…
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47. Alan Greenspan, October 12, 2005, cited in Paul Krugman, End This Depression Now (New York: W. W. Norton,…
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48. Salmon, “The Formula,” 19.
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49. As will be discussed in the analysis, the discursive shift from “model” and “forecasting” to “technology”…
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50. For more on the impact of MBSs on the rise of neoliberalism and the transformation of the home into an “a…
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51. The risk exposure changes because investors in MBSs are paid out hierarchically. For example, AAA investo…
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52. Hanan, Ghosh, and Brooks’s “Banking on the Present” offers an excellent overview of the rise of MBSs with…
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53. The basic mathematics behind default correlation are as follows: correlation is considered a probability …
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54. Coval, Jurek, and Stafford, “The Economics of Structured Finance,” 16.
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55. As Coval, Jurek, and Stafford note, the use of the Li copula to “repackage risks and to create ‘safe’ ass…
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56. Human judgment has long been associated with the ability to take in particular information from one’s con…
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57. Li, “On Default Correlation,” 2.
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58. A basic tenant of realism is that to have unmediated access to "the real" one must cast off all ideology …
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and Donald N. McCloskey, "Two Replies and a Dialogue on the Rhetoric of Economics: Maki, Rappaport, and Rosen…
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59. Aune, Selling the Free Market, 40; see also Hanan, Ghosh, and Brooks, “Banking on the Present.”
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60. Li, “On Default Correlation,” 2.
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61. While the mathematization of economics first began with the rise of probability and statistics in the 194…
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62. Li, “On Default Correlation,” 2.
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63. Li, “On Default Correlation,” 3.
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64. For extensive discussion of scalable versus nonscalable phenomena, see Nassim Taleb, The Black Swan: The …
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65. Federal Reserve Bank of Saint Louis, “Delinquency Rate on Single-Family Residential Mortgages, Booked In …
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66. Some of these elements of his argument are explicit in Li’s text (like the collective poor understanding …
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67. Note that for the purposes of this analysis, we will treat “function,” “equation,” and “algorithm” as syn…
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68. Li, “On Default Correlation,” 3–4.
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69. Latour, Science in Action, 244.
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70. See Theodore M. Porter, Trust in Numbers: The Pursuit of Objectivity in Science and Public Life (Princeto…
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71. Li, “On Default Correlation,” 6–8.
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72. Li, “On Default Correlation,” 7.
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73. Li, “On Default Correlation,” 16.
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74. Li, “On Default Correlation,” 16.
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75. By terraforming I mean the ways math can transform our social-material worlds.
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76. Latour, We Have Never Been Modern, 129.
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77. Finn, What Algorithms Want, 20.
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78. On wayfinding and the parahippocampus, see Neil Burgess, Eleanor A. Maguire, and John O'Keefe, "The Human…
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and Betsy Sparrow, Jenny Liu, and Daniel M. Wegner, "Google Effects on Memory: Cognitive Consequences of Havi…
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and Alexis C. Madrigal, "How Netflix Reverse Engineered Hollywood," Atlantic, January 2, 2014, http://theantl…
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79. See Coval, Jurek, and Stafford, “The Economics of Structured Finance”; and Lewis, The Big Short.
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80. The Li copula sponsored many other hybrids within the CDO market, such as cash, synthetic, and hybrid CDO…
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81. McLean and Nocera, All the Devils Are Here, 123.
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82. For a more in-depth explanation of pooling and tranching, see Coval, Jurek, and Stafford, “The Economics …
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83. Coval, Jurek, and Stafford, “The Economics of Structured Finance,” 8-9.
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84. By way of example, take the junior tranche in our hypothetical loan pool and imagine combining it with ot…
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85. The Financial Crisis Inquiry Report, 130; and McLean and Nocera, All the Devils Are Here, 201.
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86. McLean and Nocera, All the Devils Are Here, 123; Efraim Benmelech and Jennifer Dlugosz, “The Credit Ratin…
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87. Lewis, The Big Short, 73.
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88. Coval, Jurek, and Stafford, “The Economics of Structured Finance,” 8-12.
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89. Taleb, The Black Swan, xxix. For more on Gaussian model fragility, see Espen Gaarder Haug and Nassim Nich…
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90. Taleb, The Black Swan, 239.
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91. I borrow the term “sliced” from Barad, who uses it to describe the power of new knowledge as the power to…
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92. Finn, What Algorithms Want, 49.
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93. There are many ways in which numbers can influence one’s perception: the simplest example emerges from an…
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94. On anchoring within disjunctive systems, see Amos Tversky and Daniel Kahneman, “Judgment Under Uncertaint…
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95. Tversky and Kahneman, “Judgment Under Uncertainty,” 428.
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96. Anchoring is only one dimension of the copula’s agential force, and it would not have had the impact it d…
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97. Stormer, “Rhetoric’s Diverse Materiality,” 306.
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98. This approach is both pragmatic and philosophically disinclined to adoption of a single method, for the p…
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99. Torin Monahan, “Editorial: Algorithmic Fetishism,” Surveillance and Society 16 (2018): 1.